Nigeria: Construction of Abuja City Center to cost US$3.5bn

Construction work on the Abuja City Center in Nigeria is set to commence in May this year and expected to take up to US$3.5b. This was revealed by the Minister of the Federal Capital Territory (FCT), Senator Bala Mohammed, during the investor’s presentation to the Federal Capital Territory administration’s team at the Banquet Hall of the minister’s residence in Abuja.

The two phases construction project of the Abuja City Center will be laid on a 17hectares of land, which will include four international hotels, residential houses, offices, shops as well as condominium according to Executive Director-Africa, Eagle Hills, Abu Dhabi, Jaimal Shergill. The development is expected to boost economic growth in Abuja and West Africa sub region. The project will be executed by the Chicason Group in collaboration with the Eagle Hills, a renowned international developer.

According to the Senator Mohammed, Abuja City Centre construction project will be of a mixed-use in nature and will generate about 10,000, and impact positively, the country’s economy and that of FCT administration.

“The land premium as well as the development control charges accruable to the FCT administration would be used as its equity contribution to the project. In addition, the investors would construct a National Mall at the cost of $40million at no cost to the FCT administration,” he stated.